Please find attached disclosure

HOPPERS TOP SEC/36/2026-27 July 28, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East), Mumbai 400 001. Mumbai 400 051. Stock Code : 532638 Stock Symbol : SHOPERSTOP Dear Sir / Madam, Sub: Transcript of Analyst/ Earnings Conference Call – Disclosure under regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 We refer to our intimation dated July 15, 2026 bearing ref. no. SEC/27/2026-27, informing about the analyst / investors conference call scheduled on Thursday, July 23, 2026 at 11:00 a.m. IST to discuss the corporate performance for the quarter ended June 30, 2026 (“Earnings Conference Call”). In continuation of the above and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the transcript of the said Earnings Conference Call. The transcript is also available on the corporate website of the Company and can be accessed using the link https://corporate.shoppersstop.com/investors/transcript-conf-call/. Kindly take the same on records. Thank you. Yours faithfully, For Shoppers Stop Limited Rakeshkumar Saini Vice President – Legal, CS & Chief Compliance Officer ACS No: 20257 Encl: aa Confidential Shoppers Stop Limited Registered & Service Office : Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (W), Mumbai 400 064, Maharashtra. T 022- 42497000 CIN : L51900MH1997PLC108798. Email : customercare@shoppersstop.com Website: www.shoppersstop.com Toll Free No.:1800-419-6648 (9 am to 9 pm). “Shoppers Stop Limited Q1 FY27 Earnings Conference Call” July 23, 2026 Management: Mr. Kavindra Mishra – Customer Care Associate, Managing Director and Chief Executive Officer – Shoppers Stop Limited Mr. Pankaj Chaturvedi – Customer Care Associate and Chief Financial Officer – Shoppers Stop Limited Moderator: Ms. Deepali Kumari – Arihant Capital Markets Moderator: Ladies and gentlemen, good day, and welcome to the Shoppers Stop Limited Q1 FY27 Earnings Conference Call hosted by Arihant Capital Markets Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Ms. Deepali Kumari from Arihant Capital Markets. Thank you, and over to you, ma'am. Deepali Kumari: Thank you. Good morning and thank you all for joining us on Shoppers Stop Q1 FY27 Earnings Conference Call. Today, we have with us the senior management represented by Mr. Kavindra Mishra, Customer Care Associate Managing Director and CEO; and Mr. Pankaj Chaturvedi, Customer Care Associate and Chief Financial Officer. We will begin the call with the opening remarks from the management, after which we will have the forum open for the interactive Q&A session. I must remind you that the Confidential Page 1 of 23 Shoppers Stop Limited July 23, 2026 discussion in today's earnings call may include certain forward-looking statements and must be viewed, therefore, in conjunction with the risks that the company faces. Please restrict your questions to the quarter performance and to strategic questions only. Housekeeping questions can be dealt with separately with the IR team. I would now request Mr. Kavindra Mishra for the opening remarks. Thank you, and over to you, sir. Kavindra Mishra: Thank you, Manav and Deepali. Good morning, all. I'm joined with Biju and Mahesh in addition to our colleagues from finance team; Pankaj, our CFO; JP and Rohit. We have uploaded the investor presentation on our corporate and stock exchange website. Let me start with talking about the current operating environment. We have seen a pickup in demand from mid-February and it sustained through Q1, and the momentum continues in July as well. While geopolitical uncertainties persist, consumer demand trends remain encouraging and resilient. When we spoke last time, we had anticipated a more significant supply chain disruption in Q3. However, I'm happy to share that it looks better than what we had initially thought. All our key brand partners are well secured with their supplies and providing confidence in inventory availability and readiness for the festive season, which I think is a very, very important and significant development for us. We'll now move to the key highlights for the quarter and then talk about the way forward. I'm pleased to report that the consolidated top line for Q1 FY27 grew by 10%. The EBITDA grew by 40% and most importantly, PAT turned positive at Rs 5 crores versus a loss of Rs 4 crores in Q1 FY26. Our last year results, basis GAAP included one-off gain of Rs 5 crores in other income on account of reversal of ROU liability attributed to store closures. Excluding this, the loss reduced by Rs 7 crores Y-o-Y. Let me talk about the individual verticals, starting with update on departmental store business. The LFL business for departmental stores grew by a healthy 6% this quarter with a total growth of 7% in spite of uncertain macroeconomic scenario. Our focus on executing the constant messaging of premiumization and experiential retailing has started striking a chord in consumers' mind. Our customer entry grew by 3% for like-for- like stores and overall growth of 8.5%. Confidential Page 2 of 23 Shoppers Stop Limited July 23, 2026 We had the highest ever additions to our First Citizen loyalty program with 2.4 lakh new recruitment. The premium end of our loyalty, which is our Black Card program has reported the highest ever enrolment, 18,000 new recruitments and highest ever renewals of 21,000, which is a renewal rate of around 69% demonstrating deep value proposition from a consumer perspective besides personalized service standards. The total loyalty membership base grew to 13.8 million. The total contribution the first quarter was 85%, which is the highest ever with a repeat rate of 69%. Noticeably, our numbers across the loyalty program metrics have grown over last quarter. With constant focus, the premium portfolio contribution in stores improved by 490 basis points, and they stand now at 72%. And the ATV for the quarter has gone up by 10%, which now stands at Rs 5,704, showing core operational strength. Our personal shopper program, which is central to our experiential retail strategy is now contributing 26% to our revenue. Sales generated through personal shoppers grew by 12% with total sales reaching Rs 321 crores. As a part of our premiumization strategy, we have always talked about the 5 power categories. The top 5 power non-apparel categories continue to outperform. Watches grew by 24% Y-o-Y, handbags grew by 18%, fragrances by 17%, sunglasses by 12% and footwear by 9%. We opened 2 departmental stores during the quarter: Inorbit Vizag and Pavilion Mall. And we have had one more store opening in July, which is at Sindhu Bhavan in Ahmedabad, taking the YTD store openings to 3. In line with our strategy, these are upmarket stores with elevated designs, modern ambience and premium assortment. Now let me talk about the private brand business. Private Brands continues to be a strategic key pillar for us in terms of offering differentiated range and covering the gap for a set of categories. We shall continue to focus on driving productivity and improving profitability through premiumization and rationalizing discounts. In my earlier quarter speeches, I had spoken about launching of FRATINI Girl as a premium private brand. The success of the same has now encouraged us to drive premiumization in brands like Kashish and Bandeya, and we'll see a positive impact of the same in coming festive season. Confidential Page 3 of 23 Shoppers Stop Limited July 23, 2026 We have launch [Showing first 8,000 characters — download PDF for full document]